Final Results

Proven VCT PLC
16 May 2001



                                ProVen VCT plc


              Preliminary Announcement of Results for the period

                   from 18 January 2000 to 28 February 2001


16 May 2001


CHAIRMAN'S STATEMENT

I am pleased to present to shareholders ProVen VCT's first annual report,
covering the period from the date of incorporation to 28 February 2001. During
the period the VCT raised a total of approximately £22 million from investors,
and has made an encouraging start to the process of building its portfolio of
qualifying venture capital investments.


Net Asset Value

The net asset value per share (NAV) at 28 February 2001 was 96.0p, after
deducting the recommended final dividend of 2.4p per share, compared to an
opening NAV of 95.0p, net of issue expenses. The unquoted investments in the
portfolio are valued at cost and the reported NAV therefore reflects the
performance of the AiM portfolio and investments in fixed interest securities
where the majority of the VCT's funds are currently invested.


New Investments

In these early periods in the life of the VCT, the focus of activity is in
building a portfolio of private equity investments in qualifying companies,
consistent with the stated investment objectives.


During the period a total of £4.0 million was invested in eight qualifying
companies, further details of which are given in the Investment Manager's
Review. Your Board is encouraged by this early progress towards meeting the
requirements of the VCT legislation to have at least 70% of its total
investments invested in VCT qualifying holdings by 28 February 2003.


Revenue And Dividends

Net revenue before tax for the period was £796,000, and the revenue return per
share was 2.8p. As no interim dividend was paid, the directors are pleased to
recommend a final dividend of 2.4p per share, which will be paid on 29 June
2001 to shareholders on the register on 1 June 2001. Shareholders are reminded
that in the short term the annual dividend is likely to reduce as funds are
transferred from fixed interest stocks to the venture capital portfolio, which
may yield less income.


Co-Investment Policy

It is the opinion of the investment manager, ProVen Private Equity Limited
(ProVen), that investment in larger transactions should result overall in
lower portfolio risk and higher portfolio returns. Your Board agrees that the
VCT will benefit from exposure to larger transactions and is supportive of the
investment manager's policy under which the VCT will co-invest in future
transactions on an agreed basis with other funds managed or advised by ProVen.


Share Buy Backs

The VCT's mid-market share price has remained at its opening level of 100p and
the Board is not aware of any trading in the shares to date. In order to
maintain the VCT's ability to purchase its own shares where this is in the
interests of shareholders, at the forthcoming annual general meeting we will
be seeking shareholder approval to renew the board's powers to purchase the
VCT's shares in the market. We also intend during the current financial year
to seek Court consent to a reduction in the VCT's share premium account, so
enabling us to credit an equivalent amount to a new distributable capital
reserve that can be utilised to purchase shares in the market for
cancellation.


Prospects

Shareholders' investments in the VCT should be viewed as a long-term
investment. It will necessarily take some years for a portfolio of investments
in private companies to mature to the point that exits can be achieved at
premium values. The recent sharp correction in the quoted equity markets has
had little impact on the value of the VCT's portfolio, because a relatively
small proportion of the total fund has been invested and those investments
that have been made have been valued at cost in compliance with BVCA
guidelines. Indeed, the reduction in values of quoted companies should reduce
price expectations in the unquoted sector thereby benefitting the VCT during
its initial investment phase.


Annual General Meeting

The annual general meeting will be held at 11.00 a.m. on 28 June 2001 at 42
Craven Street, London WC2N 5NG. I very much look forward to meeting those
shareholders that are able to attend.


Andrew Davison

Chairman

16 May 2001

STATEMENT OF TOTAL RETURN

(incorporating the Revenue Account)
for the period from 18 January 2000 to 28 February 2001

                                               Revenue Capital     Total
                                               £000    £000        £000
Gains on investments
       -realised                               -       119         119
       -unrealised                             -       219         219
Income                                         1,096   -           1,096
Investment management fee                      (86)    (258)       (344)
Other expenses                                 (214)   -           (214)
Return on ordinary activities before taxation  796     80          876
Tax on ordinary activities                     (221)   84          (137)
Return on ordinary activities after taxation   575     164         739
Dividends -
                                               (527)   -           (527)
2.4p per share
Transfer to reserves                           48      164         212
Return per ordinary share                      2.8p    0.8p        3.6p

BALANCE SHEET
as at 28 February 2001                                          £000
Fixed Assets
Investments - unquoted                                          2,212
Investments - AIM traded                                        2,024
Fixed Interest - listed                                         14,026
Fixed Interest - unlisted                                       2,908
                                                                21,170
Net current liabilities                                         (86)
Net assets                                                      21,084
Capital and reserves
Share capital                                                   1,099
Reserves                                                        19,985
Equity shareholders' funds                                      21,084
Net asset value per share                                       96.0p

CASH FLOW STATEMENT
for the period from 18 January 2000 to

28 February 2001
                                                          Period to
                                                          28 February 2001
                                                          £000
Net cash inflow from operating activities                 428
Investing activities
Purchases of investments                                  (54,795)
Sales of investments                                       33,963
Net cash outflow from investing activities                          (20,832)
Total cash outflow before financing                                 (20,404)
Financing activities
Gross proceeds from share issue                            21,970
Issue expenses paid                                        (1,098)
                                                                     20,872
Increase in cash                                                        468
Cash at bank and cash equivalent                              468


Notes

1.  The financial information set out above does not constitute the company's
    statutory accounts for the period from 18 January 2000 to 28 February 2001,
    but is derived from those accounts. The auditors have reported on those
    accounts; their report was unqualified and did not contain statements under
    s237(2) or (3) Companies Act 1985. The accounts have yet to be approved by
    shareholders and delivered to the Registrar of Companies.

2.  The Revenue column of the Statement of Total Return is the revenue account
    of the company

3.  Returns per ordinary share are based on the revenue and capital returns on
    ordinary activities after taxation and on 20,720,492 ordinary shares, being
    the weighted average number of shares in issue throughout the period. There
    were 21,970,502 ordinary shares in issue at 28 February 2001.

4.  The directors recommend a dividend of 2.4p per share to be paid on 29 June
    2001 to shareholders on the Register of Members at the close of business on
    1 June 2001.

5.  Unlisted investments have been valued at cost. Investments traded on the
    Alternative Investment Market have been valued at market value.

6.  The audited accounts will be posted to shareholders by Monday 4 June 2001
    and copies of this announcement are available at the company's registered
    office: 42 Craven Street, London WC2N 5NG.




ENDS